Whiles banks in Ghana were being collapsed by the New Patriotic Party administration for poorly running their books, the GCB Bank, appears to be one of the worst, but has been shielded from public scrutiny.
It has taken the investigations of a pressure group, the Good Governance Advocacy Group , Ghana ( GGAGG) to bring the bad financial management of the GCB Bank to the fore.
According to the group, GCB is saddled with bad loans, non performing loans and bad debts.
A total of 35 customers of the bank, whose indebtedness amounts to Ghc2bn, has been found by the Pressure Group in an investigation into the operations of the bank.
Records shows that, these loans which are crippling the bank silently, have no records of repayment by those owing the state asset with a Ghanaian stake of 73.14percent .
The Executive Director of the GGAGG, Mr Listowel Nana Kusi-Poku, whose organization, uncovered the alleged rot at the bank, laid the blame at the doorstep of the Board Chair of the Bank, Mr Jude Arthur.
At a press conference yesterday to throw more lights on the happenings at the GCB bank, Mr Kusi-Poku, backed his claims with a financial statement of the bank during which he revealed the names of those who are heavily indebted to the bank.
A customer by name Mr. Yaw Addo's loan of Ghc29 million was revealed as not having been paid which stood at 53percent of the bank's stated capital .
In the claims of Mr Kusi-Poku, this Ghc29m loan to Mr Yaw Addo, has not been paid and attempt to recover the loan has been thwarted by the Board Chairman.
Aside Mr Yaw Addo's indebtedness, he further revealed that Erduk Company Limited, which is a customer of the bank, took a loan of Ghc500m, but has not paid.
With the aforementioned debt situation at the bank, the Executive Director of the Pressure Group, has accused the Board Chair and it's members for usurping the powers of the management by not allowing them to freely go after those with the loans, stressing that information it has gathered shows that they are benefiting from these loans.
One board member the group further took issues with, was a non-executive member whose name they gave as Mr Nick Amartefio.
They claim he took a loan facility from the bank to acquire Starwin Products Limited and Ayrton Drugs Limited which puts him in a complete Conflict of Interest situation.
More disturbing for the Group, is the fact that in an attempt to cover up for the rot which has gone on , the Board Chair unilaterally ordered for the payment of thousands of dollars to KPMG to audit these loans which he (Jude Arthur) supervised its disbursement.
In order to ascertain this rot that have persisted at the GCB Bank , the Group noted that it has sent series of petitions to the Commission On Human Right And Administrative Justice( CHRAJ) , the Economic And Organized Crime Office and Parliament to investigate.